Busy Week Ahead

Just a quick note this evening:  Here we are, facing a week full of news and the end of the month.  Tuesday we get the latest in a series of interest rate increases by the Fed.  Friday we get the October jobs report.  Monday gives us the Chicago Purchasing Managers Index and Tuesday the October ISM Manufacturing Business Index.  Thursday gives us the October ISM Non-Manufacturing Business Index.  

Last week was the only up week the market was able to manage in October.  We are not exactly satisfied with the down turn in October but there is still some time here in November to see more.  The way the market deals with all of the news this week will give us all a better understanding of what the near term holds.  Normally, we see some strength around the beginning of the month and that happened a bit late last week.  And, it is possible that we might see another up week but there are enough land mines in the news this week to make that less than a sure bet.  

We would look to sell into any more rallies this coming week.  The market looks weak on the surface and underneath the surface.  Even with the strength we have seen, the market can’t seem to get any positive momentum going.  The market can do whatever it likes but right now it doesn’t really like going up and we see that massive overhead supply that’s built up over the past two years.  

Let’s see how Monday trades.  We expect some steady trading into the Fed’s announcement on Tuesday afternoon.  You can’t ever be sure.

Dow Industrials:   10,402.77   +172.82  (more than making up for Thursday’s 115 drop)
RYVNX:  21.89
TLT:  89.61